Financial milestones
In October 2008, the Wiggins Island Coal Export Terminal (WICET) was appointed by the Queensland Government as Preferred Proponent to finance and build a new coal Terminal. The Framework Deed with the State and GPC was executed in December 2009 and outlined the roles of WICET as owner, developer and lessee of the Terminal, with Gladstone Ports Corporation as operator of the Terminal.
Access to the Terminal is based on long-term take or pay throughput contracts and an Access Policy which has been agreed with the State, GPC and the WICET consortium members.
Once open, the Terminal will operate on a ‘cost pass-through’ basis to recover external finance and operating costs.
On 30 September 2011, WICET announced financial closure, allowing construction to commence on Stage One of the Terminal.
Financial milestones
| October 2008 | Wiggins Island Coal Export Terminal Pty Ltd and its parent, WICET Holdings Pty Ltd appointed Preferred Proponent to finance and build the new Terminal |
| December 2009 | Expressions of interest sought from producers requiring new or additional export capacity through the Terminal |
| December 2009 | Framework Deed executed to provide WICET with the opportunity to develop and own the new Terminal |
| May 2010 | Access Policy agreed with the State and GPC |
| July 2010 | Expressions of interest sought from producers requiring export capacity through an expansion of the Terminal |
| August 2010 | Conditional commitments by Stage One owners to enter into take or pay contracts to secure funding for the Stage One development |
| September 2011 | Financial Close allowing construction of Stage One to commence |
